Why is Crypto market in Red today?

Why are Cryptos down today?

Reasons are many, but one obvious jumps out – Overbought – Correction is not only necessary, but underway….

So what happened today :

Over the past 24 hours, the global crypto currency market capitalization saw another drop. It’s down 3.3% to $3.41 trillion.

At the time of writing, the daily crypto trading volume is $193 billion.

Furthermore, nearly all top 100 coins per marker cap have again seen their prices drop over the last day.

Additionally, one of the top 10 coins is up today – one more than yesterday.

Binance Coin (BNB) appreciated 0.4%, now trading at $699.66.

At the same time, Cardano (ADA) lost the most: 7.7% to $0.91166.

Bitcoin (BTC) and Ethereum (ETH) fell 2% and 1.7%, changing hands at $93,381 and $3,299, respectively.

Today in crypto, stablecoin issuer Circle donated $1 million to President-elect Donald Trump’s Inauguration Committee, data from CryptoQuant revealed that Bitcoin reserves held by US-based entities significantly exceed those held offshore, and Oklahoma Senator Dusty Deevers introduced legislation allowing residents in the state to receive salaries and payments in Bitcoin.

At $44 billion, Circle’s USDC is the second-largest stablecoin by market capitalization behind only Tether (USDT). Combined, stablecoins are valued at roughly $203 billion.

Stablecoins are becoming a core crypto policy issue in the United States, with Senators Kirsten Gillibrand and Cynthia Lummis co-sponsoring the Lummis-Gillibrand Payment Stablecoin Act in 2024.

Meanwhile, former US House Speaker Paul Ryan opined in June that stablecoins could help Washington alleviate its debt crisis and protect the dollar’s reserve currency status.

So let’s see how The Top Coin – Bitcoin looks on the daily chart

Fact that Upward Trend is broken cannot be denied, but for Bitcoin to continue Down is more important how it is going to close tonight – below that trend line or above it.

Be aware that Upward Angle is lost, and it suggest more losses to come.

In my opinion, for BTC to regain strength and be able to make renewed attempts Up , it must not lose 87.350.00.

As long as it manages to stay within the Upper Channel, it will be able to make new rally.

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